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Great Hill-backed payment services firm BlueSnap nets $50 mln

BlueSnap, a portfolio company of Great Hill Partners, has secured $50 million in funding. The investors were Great Hill,  Parthenon Capital Partners and BlueSnap CEO Ralph Dangelmaier.

Based in Waltham, Mass., BlueSnap is a global payment services provider.

According to the company, the capital will be used for expansion and strategic acquisitions.

In addition to the funding, Brian Golson, managing partner at Parthenon Capital Partners, has been appointed to BlueSnap’s board of directors while Zach Sadek, a principal at Parthenon Capital Partners, has been named a board advisor.

In June 2008, BlueSnap raised $18 million in Series A funding. The company’s total funding to date is $183 million, says CrunchBase.

In August 2011, Great Hill acquired BlueSnap from a shareholder group that included Susquehanna Growth Equity, for $115 million.

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